Ritz-Carlton Kyoto Wins Development of the Year Award

The winners of the Reggie Shiu Development of the Year, Single Asset Transaction of the Year Award, and Merger and Acquisition of the Year Award were announced at the 25th annual Hotel Investment Conference Asia Pacific (HICAP), held at the InterContinental Hong Kong.

The winner of the Reggie Shiu Development of the Year Award is the Ritz-Carlton Kyoto in Japan.

Billing itself a modern international luxury ryokan, this luxury property offers 136 rooms and suites in a natural setting facing the Kamogawa River and enjoying views of the Higashiyama Mountains. Combining old with the new, approximately a third of the site is comprised of a preserved traditional Meiji-style cypress wooden house incorporated as the centerpiece of an interior courtyard and the dining experience. A waterfall created as part of the former hotel project on the site has also been conserved, providing natural light down to the basement levels.

Developed for a reported US$200 million by Sekisui House, Ltd, a lease deal was originally preferred, but Marriott International, as operator, tailor-made the deal structure to bridge a lease and management deal to create a win-win scenario for both parties. The Ritz Carlton Kyoto is operated by Marriott International, with architecture by Nikken Sekkei and interiors by Peter Remedios/SPIN (F&B).

Finalists in this category also included the Holiday Inn Express Singapore Clarke Quay in Singapore and the Sofitel So Singapore.

The winner of the Single Asset Transaction of the Year Award is the Westin Singapore.

In a large cross-border transaction, the Westin Singapore was acquired by a private Japanese buyer for a reported Sin$468 million from BlackRock's Asia Property Fund III. The new leasehold property is part of a larger development - Asia Square Tower 2 in Marina Bay. The benchmark purchase price of Sin$1.5 million per key equals the record for a Singapore hotel. The new hotel is expected to perform well, given its premium location - one that is attracting stronger and stronger office tenants. Finalists in this category also included the Osaka Namba Washington Hotel Plaza in Japan and the Royal Phuket Yacht Club in Thailand.

The winner of the Merger and Acquisition of the Year Award is the acquisition of Tourism Asset Holdings Ltd (TAHL). In the largest M&A transaction of the period, the Abu Dhabi Investment Authority (ADIA) acquired Tourism Asset Holdings Ltd (TAHL) - Australia's largest owner of hotels - in a deal reportedly valued at A$745 million. TAHL owns 31 hotels located throughout Australia's major markets. All of the hotels will continue to be operated by Accor. The additional finalist in this category was the acquisition of Hotel Mystays and Flexstay Inn Portfolio in Japan.